March 28, 2024

Fed will bring the issue of launching the digital dollar for public discussion

Fed will bring the issue of launching the digital dollar for public discussion

Federal Reserve Chairman Jerome Powell said that in 2021, the US central bank will begin to discuss with the public the issue of launching a digital dollar.

Talking about the prospects for a new form of moneyin Congress, he said there were a lot of concerns about the project, which is why the Fed plans to start a broad discussion of its concept this year. The Central Bank will hold a number of advisory events, the main purpose of which will be to identify the real shortcomings of the innovation system, and not to discuss its very idea.

Powell added thatThe project team is currently addressing technical and policy issues and exchanging experiences with other central banks developing or studying CBDCs.

At the same time, he does not exclude that, due to the potential impact of the digital dollar on other markets, the developments will first need to be coordinated with legislators.

Earlier Jerome Powell admitted that the digital currency of the central bank could improve and expand the American payment system.

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